A financial services research and advisory firm recently awarded Eastern Bank with its top honor for its new express business loan.

Celent awarded Eastern Bank “Model Bank of the Year,” an annual recognition of banks for their achievements in strategic development, degree of innovation and business and customer impact of banking technology.

“Eastern has accomplished a significant feat in building an entirely new loan origination system from scratch in 14 months, using internal resources and showed game changing results on par with anything that the most disruptive fintech company has achieved in this space,” Dan Latimore, senior vice president at Celent, said in a statement. “We offer our sincere congratulations to Eastern Bank and Eastern Labs as Celent’s Model Bank of the Year.”

The bank’s new loan product, which launched last month, relies on models built by Eastern Labs to mine data already available to the bank and turn around a decision on a business loan of up to $100,000 within five minutes.

The bank said in a statement that Eastern Labs is in talks with several banks from across the United States to license the express platform, allowing them to compete and win in their communities.